- Bitcoin dropped to a low of $87,800 on Tuesday before recovering to trade above $89,000.
- BTC losses coincided with gold surging to a new record above $4,870.
- Galaxy Digital CEO Mike Novogratz says bulls need to retake the $100,000–$103,000 area to restore the uptrend.
Bitcoin slipped to roughly $87,800 on Tuesday as risk assets came under pressure, then rebounded to trade above $89,000. The pullback reflects growing market uncertainty and a cooling of momentum after earlier institutional-driven gains.
Meanwhile, gold has climbed to fresh highs above $4,870, underscoring its role as a safe-haven amid heightened geopolitical tensions and ongoing macroeconomic concerns. The divergence between gold’s strength and Bitcoin’s weakness highlights investor preference for traditional stores of value during turbulent periods.
Mike Novogratz, CEO of Galaxy Digital Holdings, commented on Bitcoin’s situation on X, suggesting the cryptocurrency needs to reclaim the $100,000–$103,000 range to resume its previous upward trajectory. Novogratz noted that persistent selling pressure is holding BTC back, but he expressed confidence that Bitcoin could retake those levels over time.
Bitcoin price bounces off $87,800 low
Broader uncertainty—driven by geopolitical events and shifting risk sentiment—has prevented Bitcoin from clearing the psychologically important $100,000 threshold. In the most recent session, CoinMarketCap data showed intraday lows near $87,814 on major exchanges before the market staged a modest recovery.
Bitcoin’s rally earlier this year was largely powered by institutional demand, but that momentum has softened as buyers step back. At the same time, gold’s advance to record territory reinforces its appeal to investors seeking protection against geopolitical risk and inflationary pressures.
Novogratz, a former Wall Street trader turned crypto advocate, emphasized via his social post that Bitcoin must overcome the $100,000–$103,000 zone to restore bullish order flow. He also pointed to broader market signals—such as gold’s rally and weakness in long-term bonds—as evidence of shifting financial conditions.
“The gold price is telling us we are losing reserve currency status at an accelerating rate. The long bond selling off is not a good sign either,” he posted. “BTC is disappointing as it is still being met with selling. I will reiterate it has to take out 100-103k to regain its upward trend. I think it will, in time.”
Bitcoin price technical outlook
Technically, the recent decline pushed Bitcoin below the 61.8% Fibonacci retracement level measured from the April low of $74,400 to October’s peak at $126,198. The pullback also breached the 50-day Exponential Moving Average (EMA) around $92,066 and a prior consolidation area near $90,000, signaling that short-term momentum has shifted toward sellers.
Other indicators reinforce this cautious outlook. The Relative Strength Index (RSI) sits near 42, indicating limited bullish momentum, while the Moving Average Convergence Divergence (MACD) has produced a bearish crossover, suggesting sellers currently dominate market action. Volume profiles also show weakening buying interest, which could amplify downside pressure if conditions do not improve.
A sustained close beneath approximately $87,700 would increase the likelihood of a deeper correction toward the lower channel boundary near $85,450. That area lines up with a demand zone and the 78.6% Fibonacci retracement level, where buyers may re-emerge if the market finds renewed conviction.
Overall, Bitcoin’s near-term path will depend on whether bulls can reassert control and push prices back above the key $100,000–$103,000 range. Until that zone is reclaimed, traders should remain attentive to technical support levels and broader macro drivers that could influence risk appetite and liquidity.